Managing Director of KPHL, Wapu Sonk after his fourth appearance at the Royal Commission of Inquiry into to the UBS transaction puts on record that in 2008, Kroton Limited was created and was only a shelve company under IPBC and had no part in the IPIC loan deal.
“Prior to KPHL’s Authorisation Act 2015, IPBC (now Kumul Consolidated Holdings) was the parent company of Kroton Limited which later became National Petroleum Company of PNG (NPCP) at that material time when the UBS transaction was put together.
